Here's how much money Arsenal has lost after failing to qualify for the Champions League

Arsenal has played Champions League football every season since 1998 but that run may soon come to an end. Laurence Griffiths / Getty Images LONDON — For 19 straight seasons, Arsene Wenger has secured Arsenal a place in the Champions League. But that record is no more.

With the 38-game season over Arsenal finished in fifth place, one point away from the fourth spot occupied by Liverpool.

Jurgen Klopp's Reds secured the last qualifying spot for the 2017-2018 Champions League season, with Arsenal consigned to a Europa League bid.

As a result, the North Londoners will miss out on a substantial amount of money.

But what about the Europa League?

It is not all bad news, though. Arsenal is guaranteed a place in the Europa League. The competition may have its detractors but it is still a respectable trophy to win.

Chelsea won the Europa League in 2013. Jamie McDonald / Getty Images

But the Europa League does not generate anywhere near as much money as the Champions League.

According to UEFA's official 2016/2017 Europa League revenue figures, the most a British club can earn is just over €27 million (£23 million) — and that's only if it lifts the trophy. So, if Arsenal won the Europa League next season, it would — at best — take home around half its £45 million Champions League earnings.

It's little wonder a place in Europe's premier football competition is so coveted.